Lucid Group (NASDAQ:LCID) Shares Gap Up to $2.93

Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) gapped up prior to trading on Monday . The stock had previously closed at $2.93, but opened at $3.13. Lucid Group shares last traded at $3.04, with a volume of 14,262,291 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Citigroup reiterated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus cut their price target on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Finally, Cantor Fitzgerald reiterated an “underweight” rating and issued a $4.00 price target on shares of Lucid Group in a research report on Monday, July 1st. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average price target of $4.24.

Read Our Latest Research Report on LCID

Lucid Group Stock Performance

The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The stock’s fifty day moving average price is $2.73 and its 200-day moving average price is $3.00.

Lucid Group (NASDAQ:LCIDGet Free Report) last released its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The firm had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. During the same period in the prior year, the business posted ($0.43) earnings per share. Lucid Group’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc boosted its position in Lucid Group by 5.2% during the third quarter. Legal & General Group Plc now owns 5,096,665 shares of the company’s stock worth $28,492,000 after purchasing an additional 253,149 shares during the period. Royal London Asset Management Ltd. boosted its position in Lucid Group by 14.7% during the third quarter. Royal London Asset Management Ltd. now owns 284,476 shares of the company’s stock worth $1,589,000 after purchasing an additional 36,529 shares during the period. Deutsche Bank AG boosted its position in shares of Lucid Group by 1.0% in the third quarter. Deutsche Bank AG now owns 1,120,594 shares of the company’s stock valued at $6,264,000 after acquiring an additional 11,089 shares during the period. Banque Pictet & Cie SA bought a new stake in shares of Lucid Group in the third quarter valued at about $544,000. Finally, Vanguard Group Inc. boosted its position in shares of Lucid Group by 1.2% in the third quarter. Vanguard Group Inc. now owns 74,075,588 shares of the company’s stock valued at $414,083,000 after acquiring an additional 913,415 shares during the period. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

(Get Free Report)

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.

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